Shenzhen-listed Beijing Shougang expects profit in the first quarter of CNY 1-1.1 billion ($153-168 million), up 406-457% year-on-year, Kallanish notes from the firm’s stock exchange filing.

Shougang attributes the substantial increase in profit to growing sales of high-end products and cost control measures. Rising steel demand in China in Q1 also gave the company the opportunity to sustain high output and sales.

The recent production cuts carried out in Tangshan did not impact the company, as its Shougang Jingtang and Shougang Qian’an subsidiaries face no restrictions. This is because of their A-level environmental rating.